What is the correct method for calculating gain or loss on a repossession using the general rule for repossession of personal property? The sale price of the property minus the seller's basis in the property minus any payments received from the buyer. The fair market value (FMV) of the property on the date of sale minus the seller's basis in the property. The sale price of the property minus the seller's basis in the property and minus the cost of the repossession. The FMV of the property on the date of repossession minus the seller's basis in the property or installment agreement and minus the cost of the repossession